The Federal Reserve imposed a lifetime ban Monday on an Arvest Bank employee who, while working there, stole $42,731.28 in customer funds for his personal benefit.
Christopher Timos worked at Arvest in Springdale, Arkansas, for nearly five years beginning Nov. 2, 2020, and was terminated March 21, 2025.
According to the Fed, Timos violated banking laws and regulations with the unauthorized use of customer funds between Dec. 1, 2023, and March 20, 2025.
Timos is banned from working at any depository institution unless he receives express permission from the Fed.
Arvest spokesperson Tara Muck declined to share how many customers Timos stole from, but said the bank quickly reimbursed all affected customers after investigating the matter.
“Due to ongoing legal and privacy considerations, we are unable to discuss the specifics of this incident,” Muck said. “We continuously review and strengthen our security protocols to protect our customers’ accounts.”
Timos is the second person to be hit with a prohibition enforcement by the Fed in the past year. Nicolas Perez Alvarado, a former Banco Popular employee who embezzled $19,800 in bank funds between 2021 and 2022, pleaded guilty to 10 counts of aggravated illegal appropriation and embezzlement in July 2024, and in September was sentenced to five years in prison.
Four other bankers this year received Section 19 letters, a similar type of enforcement action that also includes banking industry bans. One such letter was issued to former Federal Reserve Bank of Richmond senior supervisor Robert Brian Thompson, who pleaded guilty in March to insider trading and making false statements. Thompson was sentenced to two years in prison.
A Fed spokesperson declined to comment beyond the order or press release.
